In the month of August, China’s exports to other countries experienced a decrease compared to the previous year, although the decline was less pronounced than in previous periods. Their total revenue from these exports amounted to approximately $284.87 billion, which was a decrease from the $314.5 billion they earned in July. Furthermore, China’s imports from other nations also decreased in August, with a total expenditure of about $216.51 billion. Consequently, China’s trade surplus, the profit resulting from these international transactions, stood at approximately $68.36 billion for August, down from the $80.6 billion recorded in July.
To support their domestic economy, Chinese leaders implemented measures to facilitate easier access to borrowing for individuals interested in purchasing homes and provided tax incentives to small businesses. However, they have not announced any significant plans for extensive government spending or widespread tax reductions.
Notably, China’s trade with the United States saw a substantial decline, with exports to the US dropping by 17.4 percent to $45.03 billion, while their imports from the US decreased by 4.9 percent to $11.98 billion. Conversely, China increased its purchases of oil and gas from Russia, with expenditures totaling $11.52 billion, partly compensating for losses resulting from sanctions against Russia.
In addition, China’s exports to the European Union experienced a decline of 10.5 percent, amounting to $41.29 billion, and their imports from Europe decreased by 2.5 percen with a total spending of $24.56 billion.